Indonesia confirms the B40 biodiesel Plan to be implemented in January 2025
As part of its "quick win" programs, the Indonesian government confirmed to lawmakers that it will implement a mandatory 40% biodiesel blend with palm oil based fuel in January 2025. The plan was presented by Energy Minister Bahlil lahadalia who told a hearing in parliament that the government expected to implement a mandate B50 by 2026.
Biodiesel production will tighten the supply of palm oil in Indonesia, but it is expected to recover by 2025.
Analysts predict that Indonesia's palm-oil production will recover next year after a drop expected this year. However, prices are likely to remain high due to a planned increase in the country's mandate for biodiesel, they said. This year, the benchmark palm oil price in Malaysia increased by more than 35%.
Mistry: Malaysia palm oil futures will be around or above 5,000 Ringgit by mid-2025.
Dorab Mistry, a leading industry analyst, said that until June 2025, Malaysian palm oil benchmark futures will likely trade at or above 5,000 ringgit per metric ton, due to tight supply and strong demand. Mistry, speaking at the Indonesia Palm Oil Conference held in Bali, said that the global vegetable…
Cargill estimates that China's palm oil demand in 2024 will drop 30% year-on-year.
A Cargill executive said that the demand for palm products in China will drop by 30% between 2024 and 2019. This is because high prices have made it less appealing than soyoil, while vegetable oil demand stagnates. The benchmark palm oil price in Malaysia has risen over 30% this year, despite the fact…
Palm oil prices end higher due to rival oils' strength and a weaker Ringgit
Malaysian palm futures closed higher on Wednesday. This was supported by gains made in vegetable oils that are competing with palm oil and the weaker ringgit. Investors will be looking for clues at an industry conference starting in Indonesia later this week, and data from the Malaysian Palm Oil Board due next week.
Palm prices rise on Dalian Soyoil strength, and the weaker Ringgit
Malaysian palm futures were up on Wednesday. This was due to gains in Dalian Soyoil, a weaker Ringgit and an upcoming industry conference in Indonesia. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for January delivery had gained 28 ringgit (0.58%) to 4,834 Ringgit ($1,098.64).
The price of VEGOILS - Palm has fallen due to profit taking before the GAPKI conference
Malaysian palm futures declined on Tuesday, after four sessions of gains. Profit taking was a factor in the decline. This is due to profit-taking ahead of the Indonesian Palm Oil Association's (GAPKI), which will be held later this week. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for January delivery had fallen 41 ringgit or 0.84% to 4…
Analyst: Higher biodiesel requirements in Indonesia will curb palm oil supply
A leading industry analyst warned on Tuesday that the implementation of higher biodiesel requirements in Indonesia, which is the world's largest palm oil producer will likely lead to a tightening of supplies of vegetable oil. Indonesia has set a biodiesel blend that contains 35% palm oil as a minimum. It is now looking to increase this to 40% to reduce its energy imports.
U.S. Ingenuity Will Solve Climate Challenge: US DOE
The United States can tackle threats to the climate through technological advances as fossil fuels will remain a priority for the U.S. government and business, the assistant secretary for fossil energy said on Tuesday.The world should look to the United States' ability to reduce its emissions, the Department…
Drilling Ban Proposals Divide Democrats
In the southeast corner of New Mexico, new houses, hotels and jobs are sprouting like flowers in the desert. Trucks hauling equipment and laborers jam once-barren highways on the way to thousands of oil rigs.The Democrats who control the state's government have lofty plans for the billions of dollars…
Investors Brace for Poor US Shale Earnings
Investors are bracing for weaker results from U.S. shale players in coming days as lower oil and natural gas prices and cost-cutting measures have weighed on third-quarter operations.Major shale producers ConocoPhillips and Concho Resources this week kick off quarterly earnings reports for a group whipsawed…
Sonangol Plans to Downsize
Angola's state oil company Sonangol plans to divest 52 joint ventures, reduce staff and focus on its core business, part of an ongoing reorganization and package of reforms designed to lure back investors, its chairman said on Friday."We are going to sell, close or put out of our group a lot companies," Carlos Saturnino told an oil conference in Paris.
Petrogal to Invest Up to $1 bln per Year in Brazil -CEO
Petrogal, the Brazilian unit of Portugal's Galp, plans to spend $800 million to $1 billion annually in the coming years in Brazil to develop its current oil and gas assets and boost its stake offshore, its chief executive officer said on Thursday.CEO Miguel Pereira said the company, Brazil's third largest oil and gas producer…
Shell Sees Peak Output for Brazil's Lula Field in 2020, 2021
Brazil's most productive field, the Lula, located in the offshore Santos basin, should hit peak production in 2020 or 2021, after reaching 1 million barrels of oil equivalent per day next year, an executive at Royal Dutch Shell said on Wednesday.The increase in production next year will be helped by the launch of platforms P-67 and P-69…
Borr Drilling Aims to Start Paying Dividends by 2020
Drilling rig contractor Borr Drilling aims to start paying dividends by 2020, the company's founder and chairman, Tor Olav Troeim, said on Wednesday.Troeim, a former business partner of Norwegian billionaire John Fredriksen, founded Borr Drilling at the end of 2016 and the company has quickly grown into…
DNB Sees More Limited Restructuring Ahead for Oil Industry
DNB, Norway's largest bank and a major lender to the oil and gas industry, expects more restructuring in the sector but on a smaller scale than in recent years as activity and prospects have improved, the bank's CEO told Reuters on Tuesday."We see some restructuring ahead, but to a very limited level.
Sanctions Unlikely to Stop Iran Oil Exports Completely - Saudi Adviser
Current U.S. sanctions on Iran are unlikely to stop Iranian oil exports completely, a long-time adviser at Saudi Arabia's Energy Ministry said on Tuesday, adding Iran would be unable to close the straits of Hormuz and Bab al-Mandab even partially.Speaking at an oil conference in the Norwegian city of Stavanger…
Gazprom Targets Exports to Europe
The head of Gazprom's export arm said the Russian gas giant wants to increase its exports to Europe beyond record high levels seen last year."Last year we achieved the record figure of 197 bcm (billion cubic feet) and our ambitions are going much higher for the next year," Elena Burmistrova, director general of Gazprom Export, told an oil conference in Norway on Monday, ad
Total Rules Out U.S. Shale Investments
French energy group Total is not looking at investing in the U.S. shale oil industry when asked whether peer BP's $10.5 billion acquisition of U.S. shale assets from BHP Billiton, had made that sector more attractive."It's first quite expensive, second we don't have the human resources.
Pemex CEO: We Must Move to IPO, but Will Take Years
IPO can protect against politicians' influence -CEO. The chief executive of Mexico's national oil company Pemex said on Wednesday it must move towards a stock exchange listing like Saudi Arabia's Aramco <IPO-ARAM.SE> has done but that such a step would take years. Speaking at an oil conference in London…
